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Dish TV – (DITV IN, INR 57, Buy)
n Dish TV crosses the 10 mn subscriber mark; 1st DTH company in Asia to do so
Dish TV has crossed the 10 mn subscriber mark having added ~1 mn subscribers in the
past three months. We expect Dish TV to add ~3.5 mn subscribers in FY11. The DTH
subscriber base for the industry stands at ~32 mn. Dish TV is expected to be one of the
biggest beneficiaries of 90 day cricket over the next few months (Cricket World Cup in
February-April and IPL in April-May). Also, heavy promotions by competitors and
consumer durable firms (TV manufacturers), is helping Dish TV drive the subscriber
additions.
n Launch of 30 channels in high definition (HD): Another first
During Q3FY11 Dish TV inked a long-term contract with Antriksh for additional
transponders on Asiasat. Ergo, its total transmission bandwidth has increased from 432
MHz to 648 MHz. Recently, the Company has launched 30 HD channels. Though the
other DTH players have also introduced channels in HD format, most of them do not
have more than 3-5 HD channels. We expect HD will lead to higher ARPU and market
share for Dish TV. The Company now has an enhanced product portfolio of 267 channels
in standard definition (SD) format, which is also higher than the offerings of competing
DTH operators.
n Robust performance in Q3FY11
The company added a record 1.1 mn subscribers in Q3FY11. ARPU per month increased
to INR 142 from INR 139 Q-o-Q, after a flattish trend over the past five quarters. EBITDA
margins expanded sharply from 15.3% in Q2FY11 to 17.9% in Q3FY11 on back of
operating leverage benefits arising from fixed content cost deals and robust subscriber
additions. Content cost (as percentage of subscription revenues) remained at 39% in
Q3FY11.
We maintain our ‘BUY’recommendation on Dish TV.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Dish TV – (DITV IN, INR 57, Buy)
n Dish TV crosses the 10 mn subscriber mark; 1st DTH company in Asia to do so
Dish TV has crossed the 10 mn subscriber mark having added ~1 mn subscribers in the
past three months. We expect Dish TV to add ~3.5 mn subscribers in FY11. The DTH
subscriber base for the industry stands at ~32 mn. Dish TV is expected to be one of the
biggest beneficiaries of 90 day cricket over the next few months (Cricket World Cup in
February-April and IPL in April-May). Also, heavy promotions by competitors and
consumer durable firms (TV manufacturers), is helping Dish TV drive the subscriber
additions.
n Launch of 30 channels in high definition (HD): Another first
During Q3FY11 Dish TV inked a long-term contract with Antriksh for additional
transponders on Asiasat. Ergo, its total transmission bandwidth has increased from 432
MHz to 648 MHz. Recently, the Company has launched 30 HD channels. Though the
other DTH players have also introduced channels in HD format, most of them do not
have more than 3-5 HD channels. We expect HD will lead to higher ARPU and market
share for Dish TV. The Company now has an enhanced product portfolio of 267 channels
in standard definition (SD) format, which is also higher than the offerings of competing
DTH operators.
n Robust performance in Q3FY11
The company added a record 1.1 mn subscribers in Q3FY11. ARPU per month increased
to INR 142 from INR 139 Q-o-Q, after a flattish trend over the past five quarters. EBITDA
margins expanded sharply from 15.3% in Q2FY11 to 17.9% in Q3FY11 on back of
operating leverage benefits arising from fixed content cost deals and robust subscriber
additions. Content cost (as percentage of subscription revenues) remained at 39% in
Q3FY11.
We maintain our ‘BUY’recommendation on Dish TV.
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